EDA startup secures $12 million in Series C funding

MOUNTAIN VIEW, Calif. -- EDA company ReShape Inc. has closed a $12 million Series C round of funding, the company said Wednesday (June 30). The money is set to be used to expand sales and customer support, the company said.

American River Ventures (ARV) led the round, which included the Bay Area Equity Fund managed by JP Morgan Chase & Co., and existing investors New Enterprise Associates and Canaan Partners.

The round follows a similar one of $12 million closed in July 2002. To date, ReShape has raised a total of $31 million in funding, the company said.

ARV managing partner Corley Phillips is to join the ReShape board of directors, which also includes Mark Perry of NEA; Jim Furnivall of Canaan Partners; Moshe Gavrielov of Verisity; David Gregory, Chairman; and Jim Douglas, president and chief executive officer of ReShape.

"ReShape's solution attacks a fundamentally hard and under-recognized problem in chip design that has not been addressed by the electronic design automation market," said Phillips.